To real estate owners, legalization of marijuana has been the deus ex machina filling vacant industrial and retail space while the rest of the commercial real estate market languished in a world of tepid demand, tumbling rents, and expanding vacancies. Some lenders also saw it as a panacea for poor-performing loans during the Great Recession. But the initially curious anomaly of legalized marijuana in a few states has grown into a large economy across the country, which has opened a Pandora’s box of problematic legal issues for landlords and real estate lenders.
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